The Capitalization of Knowledge

The Capitalization of Knowledge

A Triple Helix of University–Industry–Government

Edited by Riccardo Viale and Henry Etzkowitz

This ground-breaking new volume evaluates the capacity of the triple helix model to represent the recent evolution of local and national systems of innovation. It analyses both the success of the triple helix as a descriptive and empirical model within internationally competitive technology regions as well as its potential as a prescriptive hypothesis for regional or national systems that wish to expand their innovation processes and industrial development. In addition, it examines the legal, economic, administrative, political and cognitive dimensions employed to configure and study, in practical terms, the series of phenomena contained in the triple helix category.

Chapter 10: The Knowledge Economy: Fritz Machlup’s Construction of a Synthetic Concept

Benoît Godin

Subjects: business and management, entrepreneurship, knowledge management, economics and finance, economics of innovation, innovation and technology, economics of innovation, knowledge management

Extract

1 Benoît Godin In 1962, the American economist Fritz Machlup published an influential study on the production and distribution of knowledge in the USA. Machlup’s study gave rise to a whole literature on the knowledge economy, its policies and its measurement. Today, the knowledge-based economy or society has become a buzzword in many writings and discourses, both academic and official. Where does Machlup’s concept of a knowledge economy come from? This chapter looks at the sources of Machlup’s insight. It discusses The Production and Distribution of Knowledge in the United States as a work that synthesizes ideas from four disciplines or fields of research – philosophy (epistemology), mathematics (cybernetics), economics (information) and national accounting – thus creating an object of study, or concept for science policy, science studies and the economics of science. INTRODUCTION According to many authors, think tanks, governments and international organizations, we now live in a knowledge-based economy. Knowledge is reputed to be the basis for many if not all decisions, and an asset to individuals and firms. Certainly, the role of knowledge in the economy is not new, but knowledge is said to have gained increased importance in recent years, both quantitatively and qualitatively, partly because of information and communication technologies (see Foray, 2004). The knowledge-based economy (or society) is only one of many conceptual frameworks developed over the last 60 years to guide policies. In this sense, it competes for influence with other frameworks such as national innovation systems and triple helix. Certainly, all these conceptual...

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